The Employee Benefits Security Administration (EBSA), part of the Department of Labor (“DOL”), is an agency that enforces Title I of ERISA. At the end of 2021, EBSA released a fact sheet summarizing its fiscal year (FY) 2021 enforcement statistics. In 2021, EBSA restored Over $2.4 billion to employee benefit plans, participants, and beneficiaries. The total monetary recoveries included $499.5 million in benefits recovered and assets restored through the informal resolution of individual complaints.
The fact sheet states that EBSA has enforcement authority over almost 734,000 retirement plans, 2 million health plans, and 662,000 other welfare benefit plans. These plans contain over $12.9 trillion in plan assets and cover approximately 158 million workers and their dependents.
The fact sheet also includes summary data on EBSA’s outreach and education efforts, including compliance assistance programs that include the Voluntary Fiduciary Correction Program for fiduciary issues, and the Delinquent Filer Voluntary Compliance Program for Form 5500 filing issues. The agency’s budget pays for participant assistance, outreach, rulings, and other agency activities.
The fact sheet contains data on civil and criminal investigations, as well, with the former resulting in greater monetary recovery. For example, of the civil investigations conducted in FY 2021, just under 70% resulted in a monetary recovery or other remedial action. In addition, the fact sheet highlights nonmonetary results specific to health plans. Examples of nonmonetary corrective actions include the removal and appointment of fiduciaries and the reforms and revisions of plan procedures.
The fact sheet further explains that EBSA focuses on correcting violations at the plan service provider level. This focus has the most significant effect on plan participants and beneficiaries. For example, one investigation resulted in a service provider distributing corrected benefit booklets to the participants of 76 health plans.
While EBSA is a small agency, its enforcement actions have regularly produced extensive results. For example, EBSA’s monetary recoveries in FY 2021 were more than 13 times the agency’s $181 million budget.
To minimize the likelihood of becoming another EBSA statistic, plan sponsors, administrators, and service providers must monitor and understand ERISA compliance requirements with the utmost vigilance.
HBL has experience in all areas of benefits and employment law, offering a comprehensive solution to all your business benefits and HR/employment needs. We help ensure you are in compliance with the complex requirements of ERISA and the IRS code, as well as those laws that impact you and your employees. Together, we reduce your exposure to potential legal or financial penalties. Learn more by calling 470-571-1007.
Hall Benefits Law, LLC
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